The way tenants and residents interact with and navigate spaces is changing significantly. At VTS Accelerate 2024, leading property management experts discussed how technology is reshaping the tenant experience and helping to build communities within their properties.
Moderated by Anna Squires Levine, Chief Commercial Officer at Industrious, the panel featured:
- Emma Buckland, Global President of Property Management at CBRE
- Lenny Sciascia, Managing Director, Global Head of Property Management at Tishman Speyer
- Kelly Myers, Senior Director of Advantage Solutions at Greystar
In case you missed this engaging conversation, here are the key takeaways.
The Problem with "Shiny Object Syndrome"
The panel opened with Kelly Myers discussing "shiny object syndrome" in CRE technology. She noted how the influx of new tech can derail long-term projects. “...the shiny object syndrome will block what we've been working towards for sometimes years in the making," she said.
Emma Buckland from CBRE agreed, stressing the need for discipline regarding efficiency and cost savings. Teams must trust the process rather than chasing every new idea. Lenny Sciascia highlighted the pre-pandemic rush toward "smart buildings," noting that hasty implementations—like unproven air quality systems during COVID-19—often backfired when the startups behind them failed.
“I'm a firm believer that you have to marinate the idea, you have to work with some of these startups to really help solve an issue, and then collectively, you'll get there,” Sciascia explained.
Making Tenant Experiences a Priority
The discussion shifted to how technology directly impacts the bottom line. Kelly Myers shared a powerful example from Greystar:
- Digital Transformation: A community not using an app saw $15,000 in amenity fees.
- Revenue Boost: After integrating a property management app, that figure jumped to $60,000 annually.
Myers attributed this success to making amenities accessible to tenants "with the click of a button." Emma Buckland added that understanding tenant building usage and satisfaction provides invaluable data for leasing partners and stakeholders. Lenny Sciascia concluded that traditional management is dead; today, “Impacting the customers is number one across the board.”
Using Data to Drive Decisions
Data is the engine of modern property management. Buckland uses technology to create insights that drive organizational decisions, while Sciascia relies on the VTS CRM daily.
“That CRM is what drives conversations on our next capital play and amenities. If you could customize that experience for different customers within the building, you’re going to create a sticky environment,” Sciascia noted. By listening to data, owners have a much better chance of providing amenities that encourage tenants to renew their leases.
Challenges in Implementing New Technology
Adopting new tech isn't without hurdles. The panelists identified three major challenges:
- Change Management: Buckland noted that veteran building operators need proper training and communication to adopt new tools.
- App Fatigue: Myers warned against "juggling too many software applications," which can break core business functions. The solution is "less technology that can do more."
- Long-Term Iteration: Buckland mentioned that it can take two to three years of working with a partner like VTS to truly see if a product works as intended.
Looking Ahead at Tech’s Role in Real Estate
The panel agreed that the future lies in "hospitality and service." Sciascia emphasized that building designs must change to create better communities through interactive apps and amenity platforms.
Kelly Myers emphasized putting residents at the “top of the pyramid,” while Emma Buckland reflected on the property manager's role in the wider ecosystem. She noted that technology and data now position property management as an essential partner to leasing and capital markets.
Technology is Redefining Property Management
The future of the industry is coming into focus. By prioritizing tenant needs, leveraging data, and focusing on thoughtful implementation over "shiny objects," leaders are shaping a more responsive landscape.
Watch the full panel discussion here.
FAQs
1. What is "Shiny Object Syndrome" in CRE?
As Kelly Myers of Greystar described, it is the tendency to chase new, flashy tech products at the expense of long-term, strategic projects. Overcoming this requires disciplined focus on tools that provide measurable efficiency and data-driven insights.
2. Can a property app actually increase building revenue?
Yes. Greystar reported a 300% increase in amenity fee revenue (from $15k to $60k) simply by moving amenity booking to a digital environment where residents could reserve spaces with one click.
3. How does VTS CRM impact capital expenditure (CapEx) decisions?
According to Lenny Sciascia of Tishman Speyer, CRM data reveals exactly how tenants use a building. This allows owners to customize the "customer experience" and make informed decisions on which amenities or capital improvements will most likely lead to lease renewals.
